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Schneiderman to Work with AG Holder to Examine Gas Price Increases and Act on Potential Consumer Violations

Even as Markets Forecast a Drop –Prices Near Record Highs Nationally and in NY

Schneiderman: Consumers Shouldn’t Pay a Cent More Than is Fair

NEW YORK – Attorney General Eric T. Schneiderman has been selected to serve on the federal Oil and Gas Price Fraud Working Group, joining a national team in monitoring the costs of energy commodities for consumer abuses. The appointment comes as Schneiderman undertakes studies of gas prices throughout New York, where prices have soared to more than $4 per gallon.

“Pain at the pump has become a near-universal feeling not just for New Yorkers, but for our neighbors across the country,” Attorney General Schneiderman said. “My office will continue its comprehensive review of gas prices here, and collaborate with our law enforcement partners to ensure that consumers are paying what’s fair and not a cent more. I look forward to working with Attorney General Holder and my colleagues in government to ensure that consumers’ interests are put first.”

Attorney General Schneiderman will represent the National Association of Attorneys General, an organization of attorneys general from the 50 states and U.S. territories. The Oil and Gas Working Group was formed by U.S. Attorney General Eric Holder at the request of President Obama, who asked federal and state agencies to examine oil and gas markets for potential wrongdoing. Other members include the representatives from the Department of Justice, the Commodity Futures Trade Commission, the Federal Trade Commission, the Department of the Treasury, the Federal Reserve Board, the Securities and Exchange Commission, and the Departments of Agriculture and Energy.

The Attorney General’s office is conducting formal examinations of gas prices throughout New York State, including the New York City metropolitan area, Long Island, Western and Central New York. According to the American Automobile Association (AAA), the average price per gallon of regular gas in the state is $4.17, more than the $3.98 national average. Prices in the New York’s metro areas are also above the national average: $4.07 in Buffalo/Niagara; $4.27 in Nassau and Suffolk counties; and $4.30 in New York City.

The office will compile data on the prices charge by gas retailers, as well as information on the chain of distribution to determine the cause behind the recent spikes. While there may be no wrongdoing behind the increases, Schneiderman wants consumers to be confident that they are not paying more than they should.